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The rapid growth of aging population dictates the necessity of sophisticated monitoring and actuation systems for the smart control and management of elderly households. This paper proposes a state-of-the-art energy management system aiming at increased energy efficiency, lower electricity cost and improved user comfort. The study focuses on a Greek residency with elderly people incorporating controllable and uncontrollable loads, an energy storage system, and photovoltaic generation. A smart home energy management system under the net-metering policy is proposed consisting of three control mechanisms. The reported results offer insights into the optimal residential management practices and evaluate the performance of the proposed control strategy in comparison to other alternative demand response solutions.